Deloitte grows with double digits for fifth consecutive year
Deloitte Australia is going from strength to strength, with the firm’s latest financial report placing its growth for the last financial year in double digits. Revenues for the last financial year reached $2.3 billion, which is a notable 13% increase from the last period.
This is the fifth consecutive year that Deloitte Australia has posted double-digit growth, indicating a positive environment at present. Growth at the firm is being driven by a variety of factors, ranging from an overall increase in demand to a strategic investments on the firm’s behalf.
As demand for advisory services across sectors is up for various reasons – ranging from digitalisation to regulatory changes – Deloitte has bolstered its capabilities in key areas in recent months, to ensure that it becomes the consulting firm of choice. As a result, the firm’s advisory space was amongst those to report strong growth, alongside the audit space.
This capacity development has been equally distributed across organic and inorganic strategies. Much like the other Big Four firms, Deloitte is looking to hire as much talent as possible in order to improve its internal capabilities. Inorganically, the firm’s acquisition activity has been booming, particularly since a change in leadership last year.
Richard Deutsch took over at the helm of the firm in September last year, ascending from his previous role as Managing Partner for Assurance & Advisory. Since then, the firm has acquired cloud-computing agencies CloudTrek and Mexia, as well as The Terrace Initiative, all to bolster its digital capabilities.
In March this year, the firm also acquired risk consultancy Converging Data Australia, thereby boosting its capacity in the risk & compliance domain. According to Deloitte, these acquisitions are part of an effort to reinvest in the business, which offers an explanation as to why the firm’s topline growth is not being reflected in its bottom line figures.
Part of this investment has also been the appointment of professionals at a senior level. Over the last financial year, the firm has appointed 72 new Partners, and is set to add another 67 to this number as of July this year, taking the total number of Partners at Deloitte Australia to 880. “These are our future leaders and demonstrates the firm’s commitment to helping our people succeed in whatever they choose to do,” says Deutsch, commenting on the new appointments.
Speaking on the firm’s overall growth, Deutsch said, “We have been unrelenting in bringing a sense of purpose to everything we do, whether it’s to our clients, our people or our community. We are proud of our contribution to help shape the issues of national importance and our market leading policies like our best in market parental leave changes. Our goal is to make an impact that matters and to be the undisputed leader in professional services and we remain on track to achieving this.”
“What is most evident is that when clients need solutions to help them thrive it is Deloitte who provides the answers, especially when it comes to significant transformation programmes, enabled by digital, cloud and technology. Our unique ability to integrate strategy, people, and technology continues to be one of our key differentiators. Growth has been especially strong in relation to our systems architecture, cognitive automation and robotic capabilities,” he added.
